At Monday’s Friends of the Montecito Library (FML) meeting, the Board of Directors agreeds to focus on a new fundraising strategy in light of recent county budget cuts that resulted in a 25 percent reduction in library hours from 45 hours per week to 36 hours per week.
The library will be closed on Sundays and Mondays.
The board unanimously agreed to focus its fundraising strategy on building the endowment, which currently stands at $600,000. The investments are being divested of CDs as they mature and into a conservative portfolio of stocks and bonds.
After the Friends of the Montecito Library meets its annual budgetary commitment with the county, remaining gifts will be used to boost the endowment.
The Montecito Library receives one third of its funding from Santa Barbara County, one third from reserves, which are funds that were donated to the Montecito Library but controlled by the county, and one third from donations from FML.
By moving to a more sustainable funding model, the board hopes to stabilize the library’s annual funding sources.
There was quite a bit of discussion of distributing more funds in order to keep the doors open six days per week, but it was decided that it was in the community’s best interest to take a long-term approach.
Once the endowment reaches a level where the distribution of the interest in the investment will pay for additional opening hours, the board will increase the funding that is given to the library’s budget. The board encourages the members of the FML and other library patrons to continue supporting the library through donations.
Donations can be made through the FML website. Checks are also accepted.
Please make checks payable to “Friends of the Montecito Library” and mailed to Friends of the Montecito Library, P.O. Box 5788, Montecito, California 93108.
FML is a 501c3 non-profit, so all donations are tax deductible.
—Patricia Saley serves on the Boad of Directors for the Friends of the Montecito Library.